PublicationsInsights on Current Policy Issues

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

Today's Daily Update

May 8, 2018

The House will consider seven bills under suspension of the rules then move to consider S.J.Res. 57 – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act”. The Senate will resume consideration of Kurt Engelhardt, of Louisiana, to be Judge for the 5th Circuit, post-cloture.

THE HOUSE

Yesterday

Suspensions: The House agreed to suspend the rules and pass the following measures:

Veterans Cemetery Benefit Correction Act:

H.R. 4910, amended, to amend title 38, United States Code, to provide outer burial receptacles for remains buried in National Parks, by a \2/3\ yea-and-nay vote of 388 yeas with none voting ``nay'', Roll No. 167;

Servicemember Family Burial Act:

H.R. 4335, amended, to amend title 38, United States Code, to provide for headstones and markers for, and interment in national cemeteries of, deceased spouses and dependent children of members of the Armed Forces serving on active duty, by a \2/3\ yea-and-nay vote of 389 yeas with none voting ``nay'', Roll No. 168;

Securely Expediting Clearances Through Reporting Transparency Act:

The House agreed to take from the Speaker's table and concur in the Senate amendment to H.R. 3210, to require the Director of the National Background Investigations Bureau to submit a report on the backlog of personnel security clearance investigations.

S.J.Res. 57 – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (as engrossed) (Closed Rule, One Hour of Debate) (Sponsored by Sen. Jerry Moran / Financial Services Committee)

THE SENATE

Yesterday

Measures Passed:

Improving Access to Behavioral Health Information Technology Act:

Committee on Finance was discharged from further consideration of S. 1732, to amend title XI of the Social Security Act to promote testing of incentive payments for behavioral health providers for adoption and use of certified electronic health record technology, and the bill was then passed, after agreeing to the following amendment proposed thereto:

Senate resumed consideration of the nomination of Kurt D. Engelhardt, of Louisiana, to be United States Circuit Judge for the Fifth Circuit.

During consideration of this nomination today, Senate also took the following action:

By 64 yeas to 31 nays (Vote No. 86), Senate agreed to the motion to close further debate on the nomination.

A unanimous-consent agreement was reached providing for further consideration of the nomination at approximately 2:30 p.m., on Tuesday, May 8, 2018; and that all time during recess, adjournment, morning business and Leader remarks count post-cloture on the nomination.

Today

The Senate stands adjourned until 2:30pm on Tuesday, May 8, 2018.

Following leader remarks, the Senate will resume consideration of Executive Calendar #673, Kurt Engelhardt, of Louisiana, to be Judge for the 5th Circuit, post-cloture. The time during recess, adjournment, Morning Business and Leader remarks will count post-cloture.

Cloture has been filed on the following nominations:

1.Executive Calendar #673, Kurt Engelhardt, of Louisiana, to be Judge for the 5th Circuit (invoked)

2.Executive Calendar #690, Michael Brennan, of Wisconsin, to be Judge for the 7th Circuit

3.Executive Calendar #729, Joel Carson III, of New Mexico, to be Judge for the 10th Circuit

4.Executive Calendar #777, John Nalbandian, of Kentucky, to be Judge for the 6th Circuit

5.Executive Calendar #780, Michael Scudder, of Illinois, to be Judge for the 7th Circuit

6.Executive Calendar #781, Amy St. Eve, of Illinois, to be Judge for the 7th Circuit

Hearings Covered by W&J Today

Senate Energy and Natural ResourcesPuerto Rico’s Electric Grid

House Education and the WorkforceOpioid Epidemic/Federal Employees' Compensation Act

Notable Legislation Introduced

Financial Services

H.R.5692 — 115th Congress (2017-2018)To require financial institutions to deposit the principal amount of any unclaimed deposit held by such institutions into interest or dividend-bearing accounts, and for other purposes.Sponsor: Rep. Gonzalez-Colon, Jenniffer [R-PR-At Large] (Introduced 05/07/2018) Cosponsors: (0)Committees: House - Financial ServicesLatest Action: House - 05/07/2018 Referred to the House Committee on Financial Services.

Health

H.R.5696 — 115th Congress (2017-2018)To require the Secretary of Agriculture to carry out a nutrition education program to inform the public of the sources of exposure to lead in the environment and of dietary nutrients that may reduce the harmful effects lead exposure has on health.Sponsor: Rep. Moore, Gwen [D-WI-4] (Introduced 05/07/2018) Cosponsors: (0)Committees: House - AgricultureLatest Action: House - 05/07/2018 Referred to the House Committee on Agriculture.

H.R.5687 — 115th Congress (2017-2018)To amend the Federal Food, Drug, and Cosmetic Act to require improved packaging and disposal methods with respect to certain drugs, and for other purposes.Sponsor: Rep. Hudson, Richard [R-NC-8] (Introduced 05/07/2018) Cosponsors: (2)Committees: House - Energy and CommerceLatest Action: House - 05/07/2018 Referred to the House Committee on Energy and Commerce.

H.R.5686 — 115th Congress (2017-2018)To amend title XVIII of the Social Security Act to require prescription drug plans under Medicare part D to include information on the adverse effects of opioid overutilization and of coverage of nonpharmacological therapies and nonopioid medications or devices used to treat pain.Sponsor: Rep. Paulsen, Erik [R-MN-3] (Introduced 05/07/2018) Cosponsors: (3)Committees: House - Energy and Commerce, Ways and MeansLatest Action: House - 05/07/2018 Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee...

H.R.5685 — 115th Congress (2017-2018)To amend title XVIII of the Social Security Act to provide educational resources regarding opioid use and pain management as part of the Medicare & You handbook.Sponsor: Rep. Faso, John J. [R-NY-19] (Introduced 05/07/2018) Cosponsors: (2)Committees: House - Ways and Means, Energy and CommerceLatest Action: House - 05/07/2018 Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee...

H.R.5684 — 115th Congress (2017-2018)To amend title XVIII of the Social Security Act to expand eligibility for medication therapy management programs established under part D of the Medicare program to include certain individuals who are at risk for prescription drug abuse.Sponsor: Rep. Kelly, Mike [R-PA-3] (Introduced 05/07/2018) Cosponsors: (3)Committees: House - Energy and Commerce, Ways and MeansLatest Action: House - 05/07/2018 Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee...

H.R.5678 — 115th Congress (2017-2018)To amend title XVIII of the Social Security Act to provide for coverage of rural emergency medical center services under the Medicare program, and for other purposes.Sponsor: Rep. Jenkins, Lynn [R-KS-2] (Introduced 05/07/2018) Cosponsors: (2)Committees: House - Ways and Means, Energy and CommerceLatest Action: House - 05/07/2018 Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee...

Transportation

H.R.5691 — 115th Congress (2017-2018)To direct the Secretary of Transportation to establish a program to provide grants to carry out projects to reduce railway noise levels that adversely impact schools located in urbanized areas, and for other purposes.Sponsor: Rep. Crowley, Joseph [D-NY-14] (Introduced 05/07/2018) Cosponsors: (0)Committees: House - Transportation and InfrastructureLatest Action: House - 05/07/2018 Referred to the House Committee on Transportation and Infrastructure.

PublicationsInsights on Current Policy Issues

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.